Philippines News

Philippines to buy rice from Vietnam, SKorea

AP - Saturday, November 7

MANILA, Philippines - The Philippine government has decided to buy rice from Vietnamese and South Korean companies to cover a shortage caused by recent back-to-back typhoons, a spokesman said Friday. More »

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Vinafood 2, Daewoo secure Philippine rice deals
Reuters - Saturday, November 7
MANILA, Nov 6 (Reuters) - Vietnam's Vinafood 2 and Korean trading firm Daewoo International Corp <047050.KS> have won bids to supply a total of 250,000 tonnes of rice to the world's largest rice importer, the Philippines' National Food Authority announced on Friday.
First Pacific units take control of Philippines' Meralco
AFP - Friday, November 6
MANILA (AFP) - - Local units of First Pacific Co. on Thursday bolstered their control of Philippines power retailer Meralco by buying out an ally for about 44.6 billion pesos (937.37 million dollars), the seller said.
Lopezes remain undecided on Meralco stake
GMANews.TV - Friday, November 6
As of late Thursday, the Lopez group’s power and infrastructure holding company remains undecided over the fate of its stake in the Philippines’ largest electric company.
BSP keeps rates unchanged to support rehab efforts
GMANews.TV - Friday, November 6
The Philippines’ borrowing costs stayed unchanged for the third straight month, a move seen to support local demand for good and services and efforts to rehabilitate infrastructure damaged by typhoons.
Philippines' San Miguel reports stronger income
AP - Friday, November 6
MANILA, Philippines - San Miguel Corp., the Philippines' largest food and beverage conglomerate, said Thursday strong growth in its beer and liquor units helped boost net income in the first nine months of the year by 173 percent.
Manila cbank keeps rates steady, downplays price risks
Reuters - Friday, November 6
* C.bank keeps key rate at record low 4.0 pct, as expected
Philippine inflation hits 1.6 pct due to storms
AFP - Thursday, November 5
MANILA (AFP) - - Philippine inflation rose to 1.6 percent in October as killer storms pushed up food prices, the government said Thursday.
FACTBOX-Philippine policymakers' comments on rates, economy
Reuters - Thursday, November 5
MANILA, Nov 5 (Reuters) - Following are comments by senior Philippine policymakers since the central bank's last rate-setting meeting on Oct. 1.
GMA-7's profits rise 10%% despite ad spending cut
GMANews.TV - Thursday, November 5
Broadcaster GMA Network, Inc. (GMA) remains on track to reach its yearend target as it finished the first nine months of 2009 with a 10%% increase in net income versus the same period last year.
Typhoon damage pushes Philippine inflation higher
AP - Thursday, November 5
MANILA, Philippines - Inflation in the Philippines rose to 1.6 percent last month as damage to agriculture from four successive typhoons boosted prices, authorities said Thursday.
Oil firms seek audience with Arroyo over EO 839
GMANews.TV - Thursday, November 5
Executives of oil firms sought an audience with President Gloria Macapagal Arroyo Thursday in a bid to have her lift an executive order freezing fuel prices in Luzon.
Deficit cap may be breached as govt spends for Ondoy, Pepeng damages
GMANews.TV - Thursday, November 5
The Philippines is likely to breach its spending limits for this year since it needs to allot more funds for farms, roads, and other infrastructure damaged by two typhoons.
Philippines says may breach 2009 budget gap goal
Reuters - Thursday, November 5
* Manila says may exceed budget gap goal of $5.2 bln
Fuel price cap to stay as long as Luzon is in a state of calamity, Palace says
GMANews.TV - Wednesday, November 4
A presidential edict capping fuel prices will remain in force as long as Luzon, the Philippines’ largest island, is still in a state of calamity.
BIR strengthens monitoring of bazaars, retailers to hike tax take
GMANews.TV - Wednesday, November 4
The Philippines’ premier revenue agency will strengthen monitoring of bazaars and retailers this Christmas as part of efforts to increase collection and meet tax targets.
Philippines may face pork shortage this Christmas
GMANews.TV - Wednesday, November 4
The Philippines may face a pork shortage this Christmas after the public and private sectors separately failed to secure supply commitments from abroad.
Philippine phone company says profit up 49 percent
AP - Wednesday, November 4
MANILA, Philippines - Philippine Long Distance Telephone Co., the country's biggest telecommunications company, said third quarter profit rose 49 percent, buoyed by earnings from its stake in a power company.
Study to help formulate earthquake, emergency plans for Angat, Ipo dams
GMANews.TV - Tuesday, November 3
A technical working group will soon be established to examine and formulate earthquake response and emergency action plans covering the Angat and Ipo dams.
Aboitiz Power's profits nearly double after energy sales rise
GMANews.TV - Tuesday, November 3
Aboitiz Power Corp. (APC) said increased energy sales almost doubled earnings after a subsidiary acquired a geothermal complex in May this year.